“We are excited about the synergies that the merger brings,” said William A. Walby, CenCorp CEO. “Members saw additional value in combining two strong credit union-owned organizations to deliver their financial and correspondent service needs into the future.”

Walby will replace retiring Alloya CEO Charles W. Furbee to head the merged corporate. The merger’s effective date will be April 30.

In a joint release from both corporates, the two said the synergies realized will reduce annual expenses of the combined corporate by several million dollars, while adding products and features.

The combined corporate, which will retain the Alloya name, will conduct business in 10 core states, providing investment, financial, lending, and correspondent services to more than 1,400 member-owner credit unions.

The 1,300-member Alloya said it will retain an office in Southfield, Mich., and also maintains locations in Warrenville, Ill. and Albany, N.Y.